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StorageVault to Acquire Four Ontario Self-Storage Properties in C$81.6 Million Deal

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StorageVault Canada (SVI.TO) is acquiring three self storage properties in the Greater Toronto Area and one in Southwestern Ontario, the company said on Tuesday.

Three of the properties, which make up C$71.25 million of the purchase price, will be acquired through a new joint venture with Woodbourne. StorageVault will pay C$17.8 million for a 25% interest in the venture, and will manage the three properties.

The fourth property, costing C$10.3 million, will be solely owned by StorageVault.

StorageVault's share of the total acquisitions is C$28.1 million, and is expected to be paid with cash on hand and first mortgage financing. The acquisitions are expected to close before the end of the third quarter.

StorageVault shares are unchanged at C$4.78, on the Toronto Stock Exchange.

Price: $4.77, Change: $-0.01, Percent Change: -0.21%

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